Times of hard ship are usually times of increasing religiousness. Times of well being are often associated with behaviour considered immoral by more religious people. The first being followed quickly by the second might be a reason for the inquisition and the likes. That part might have been avoided, at least partly. Some parts of the Renaissance might be lacking in todays history books, too, because of that - even though progress like the first banks, the first universities, the first large European librairies, and so on might have happened anyways.
Some progress might be faster - larger cities tend to produce more knowledge, more specialization, and so on. I'm not sure about democratization - in a world where most people live close to starvation, exercising political power is difficult for peasants, to say the least. So we'd probably not have much British style slow progress in this direction. Changes like the French Revolution might be more likely every once in a while, but the other monarchies and the Catholic Church will be pretty strong opponents for that.
Still, knowledge and education will spread. Anything goes.
European ships will get bigger at the same pace (mabe even faster) and more and more sea worthy. That means, the western African coast will be explored as in OTL, maybe even faster, but not as slave hunting ground. Instead, gold and other riches might be the driving force - which might not be as much of a force as slave trading, though, considering the lower economic use. Also, the north will be explored and the Catholic Church will loose a lot of respect in the question of the geography of this planet. After Greenland has been rediscovered, America might be discovered by a northern European country instead of Spain/Portugal. Maybe even a country in the Mediterranean, as they were much longer in the shipping business.
New found land (funny

might be interesting mainly as fishing ground, with a little bit of trading and some minor outposts. Only after those outposts become revenue for taxes will systematic exploration and settlement become interesting. Once that starts, it might even be much faster, because of the high population pressure and the slightly better technological development.
Would be interesting if we get something like a Protestant or an Anglican church. Or if Catholcism is replaced by something else - in the middle east, Muslim religion became strong when the end of the world predicted by the Christians didn't materialize.